Mistakes happen, even terrible ones. They can be fixed though. The biggest issue is the fact that Etsy is stonewalling the issue and not willing to talk about it openly.
Nothing will make the users happy till their money is refunded and that will not happen till Wednesday. Earliest day they can submit refunds will be Tuesday, it will show up on Wed. Same day ACH is not going into effect till Sep 2020.
The Etsy snafu will be repeated until people and businesses start to require crypto for business transactions.
If it were any sort of meaningful advantage you'd likely see banks adapting pretty rapidly. There's nothing inherently impossible about faster bank transfers - Europe already has 24/7 nearly-instant transfers via SEPA.
> The Etsy snafu will be repeated until people and businesses start to require crypto for business transactions.
I suspect for every one Etsy snafu there's a bunch of "thank goodness I could issue a chargeback" situations.
> Oh, and don't forget the credit score dings that people whose cards went over the limit could potentially suffer.
Getting charged $10,000 abusively can put people in a complicated financial situation.
And there is the issue of trust between the platform and sellers.
They should be bending over backwards to try and restore their users' trust. It's insulting that they expect us to go by faith alone.
Mistakes happen, and I think it's silly to overreact and completely cut ties with a company over a single mistake.
It does suck, and it was hilariously bad timing for us due to some personal stuff going on, but I trust that they will do a good job rectifying the issue.
I do have some issues with how they are handling this (I should have gotten an email when they found out this was a problem and not have had to find the forum post on my own), but at the end of the day it's a mistake and one I hope they will learn from.